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DARTMOUTH, NS, Feb. 26 /CNW/ - Newfoundland Capital Corporation Limited
(the "Company"), one of Canada's leading radio broadcasters, today announces
its financial results for the fourth quarter ended December 31, 2008.
Highlights
In the fourth quarter of 2008, the global economy and global stock markets
continued to experience significant declines. As a result, the Company's
investment portfolio of marketable securities experienced significant
unrealized declines in value. Despite the economic conditions, core operations
remained strong in the quarter.
- Revenue grew by 8% to $30.0 million in the fourth quarter and by 7%
to $105.8 million for the year due to a combination of new station
launches and organic revenue increases.
- Earnings before interest, taxes, depreciation and amortization
("EBITDA"(1)) (excluding the impact of the change in value of the
investment portfolio) was $7.8 million in the quarter and $19.7 million
for the year, 9% better than last year due to increased revenue and
lower corporate operating costs.
- The net loss in the fourth quarter was caused by unrealized and
realized losses, of $7.1 million from marketable securities. For the
year the net impact of investment losses of $9.4 million as well as the
goodwill impairment loss of $1.3 million contributed to the net loss of
$4.4 million. Excluding these items, net income for the year would have
been $4.6 million compared to $6.2 million in 2007.
- A dividend of $0.15 per share was paid in December.
Significant events
- In November 2008 the Canadian Radio-television and Telecommunications
Commission ("CRTC") approved the Company's agreement to exchange its AM
licence in Halifax, Nova Scotia for an AM licence in Sudbury, Ontario
and $5.0 million in cash. The request to convert from AM to FM was also
approved. The Company is proceeding to launch the new FM in Sudbury.
This transaction is expected to close in the next nine months once the
FM station is launched.
- The Company launched the new FM repeating signal in Pincher Creek,
Alberta and is beginning the required planning to launch its four
repeating signals in Prince Edward Island and its FM conversion in
Athabasca, Alberta.
- Subsequent to year end the Company announced that it will no longer
proceed with its planned acquisition in Ontario. The Company retains an
option to acquire the stations on the same terms and conditions up
until April 30, 2010.
"While our Company continues to post positive revenue growth we are
cautious heading into 2009", commented Rob Steele, President and Chief
Executive Officer. "Despite the uncertain economic times, we are performing
well and our revenue bookings for the first quarter of 2009 continue to show
positive growth. While we remain committed to exploring radio acquisition
opportunities that fit the Company's growth strategy, our primary focus in the
next twelve months is to continue maximizing organic growth and reducing
debt."
Financial Highlights - Fourth Quarter
(thousands of dollars except share information) 2008 2007
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Revenue $ 29,962 27,736
EBITDA(1) 653 6,592
Net income (loss) (3,896) 5,766
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Earnings per share - basic (0.35) 0.52
- diluted (0.34) 0.50
Share price, NCC.A (closing) 17.00 20.05
Weighted average number of shares
outstanding (in thousands) 10,991 11,091
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Total assets 238,634 231,296
Long-term debt 73,840 61,005
Shareholders' equity 90,677 104,952
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(1) Refer to page 7 for the reconciliation of EBITDA to net income
(loss).
Corporate Developments
The following is a review of the key corporate developments which should
be considered when reviewing the "Consolidated Financial Review" section.
2008 developments
- June, 2008 - the Company launched three new FM stations: Fort McMurray,
Alberta, Kentville and Sydney, Nova Scotia. The Fort McMurray and
Kentville stations feature Classic Rock while the Sydney station plays
Top 40 music.
- July 23, 2008 - the Company announced it had an agreement to exchange
radio stations with Rogers Broadcasting Limited (a Division of Rogers
Communications Inc. RCI.A and RCI.B) subject to approval from the CRTC.
The Company will exchange its AM broadcast licence in Halifax, Nova
Scotia and receive in return Rogers' AM licence in Sudbury, Ontario and
cash consideration of $5.0 million. Both parties simultaneously
submitted applications for this transfer of assets along with
applications requesting conversion of the AM licences to FM. This
application was approved by the CRTC in November 2008 and the Company
is proceeding to launch its second FM station in Sudbury. The new
station is expected to be on air within the next nine months at which
time the transaction will be formally completed.
- July 28, 2008 - the Company announced it had entered into an agreement
to acquire 12 English FM radio broadcasting licences in Ontario from
Haliburton Broadcasting Group Inc. for $18.95 million, subject to CRTC
approval. On January 19, 2009, the Company announced that it would not
proceed with this agreement. Because of the seriously deteriorating
credit markets, increased costs of borrowing and the current economic
state, it was determined that it was not the appropriate time to
increase the debt levels of the Company. The acquisition was subject
to CRTC approval; however both parties to the agreement mutually agreed
to not proceed with the application. The Company has retained an option
to acquire the stations under the same terms and conditions up until
April 30, 2010.
- July 28, 2008 - the CRTC approved the Company's application for a new
FM repeating signal in Pincher Creek, Alberta, which was launched in
January 2009.
- December 23, 2008 - the CRTC approved the Company's application to
convert its AM signal to FM in Athabasca, Alberta.
- January 19, 2009 - the CRTC approved the Company's application for four
new FM repeating signals in Prince Edward Island. This will expand the
Company's coverage in the province.
2007 developments
- February 1, 2007 - the CRTC approved the Company's application to
convert its AM signal to FM in Edson, Alberta. The Classic Hits FM
station was launched in July 2007.
- March 19, 2007 - the Company successfully launched the new Calgary,
Alberta FM station, FUEL 90.3, featuring an Alternative format.
- May 16, 2007 - the Company acquired the minority shareholder's 23.7%
interest in 3937844 Canada Inc. for cash consideration of
$10.7 million. 3937844 Canada Inc. owns and operates 22 of the
Company's 34 licences throughout the province of Alberta.
- July 4, 2007 - the Company received approval by the CRTC to convert its
AM licence to FM in Carbonear, Newfoundland and Labrador. The FM
station launched early in 2008.
- October 1, 2007 - the Company acquired the 37.8% non-controlling
interest in Atlantic Stereo Limited which operates the two FM licences
in Moncton, New Brunswick for cash consideration of $6.9 million.
The results of the above acquired or launched stations have been included
in the consolidated financial statements since the respective acquisition and
launch dates.
Consolidated Financial Review
Revenue
In the quarter consolidated revenue of $30.0 million was $2.2 million or
8% higher than last year. For the year consolidated revenue of $105.8 million
was $7.0 million or 7% better. The improvement was derived mostly from the
broadcasting segment.
Other income (expense)
Other expense for the quarter of $6.8 million was $8.0 million higher than
2007 and for the year other expense of $8.5 million was higher than last year
by $8.7 million. These results were primarily due to unrealized and realized
losses in the Company's marketable securities which amounted to $7.1 million
in the quarter (2007 - $0.9 million gain) and $9.4 million for the year (2007
- $0.4 million loss). Of the $9.4 million loss, $7.9 million was unrealized.
Operating expenses
Consolidated operating expenses of $22.6 million were $0.1 million or 1%
higher than the fourth quarter last year. For the year, consolidated operating
expenses of $87.0 million were 7% higher or $5.6 million more than 2007. The
increase was a result of higher costs in the broadcasting segment offset by
lower corporate expenses more fully described below.
Earnings before interest, taxes, depreciation and amortization
("EBITDA" (1))
Consolidated EBITDA in the quarter was $0.7 million, a $5.9 million
decline when compared to last year's $6.6 million. For the year consolidated
EBITDA of $10.3 million was down $7.3 million. Excluding the impact of the
decline in value of the investment portfolio as described above, EBITDA would
have been $7.8 million in the quarter and $19.7 million for the year, 9%
better than 2007.
More detailed disclosure on revenue, other expense, operating expenses and
EBITDA are described in the section entitled "Financial Review by Segment".
Depreciation and amortization
For the quarter and year-to-date, depreciation and amortization expense
were on par with 2007.
Interest expense
Interest expense in the quarter was $0.1 million higher than the prior
year and for the year interest was $0.8 million higher due to the Company's
higher debt levels as compared to last year.
Accretion of other liabilities
Accretion of other liabilities arises from discounting Canadian Content
Development ("CCD") commitments to reflect the fair value of the obligations.
The expense in the quarter was $0.1 million higher than 2007 and the
year-to-date accretion was $0.2 million lower than last year.
Goodwill impairment loss
As a result of conducting the annual goodwill impairment analysis as at
August 31, 2008, the value for goodwill that arose in 2005 and 2006 from two
business acquisitions in Winnipeg, Manitoba could not be supported and
therefore, the Company recorded an impairment loss of $1.3 million in the
third quarter of 2008.
Gain on disposal of equity accounted investment
The Company disposed of its interest in Larche Communications (Kitchener)
Inc. on April 12, 2007 for proceeds of $4.0 million which resulted in a $3.8
million gain.
Gain on Disposal of long-term investment
On January 19, 2007, the Halterm Income Fund Trust Units were disposed of
for proceeds of $14.5 million which resulted in a gain of $10.8 million.
Income taxes
The effective income tax rates for the quarter and the year ended December
31, 2008 were different than the statutory rate of 36% because of the
non-taxable nature of a portion of the decline in value of marketable
securities and the impairment loss.
Net income (loss)
The net loss in the quarter of $3.9 million was $9.7 million lower than
2007 and for the year, the net loss of $4.4 million was $24.7 million lower
than last year. Net income was significantly lower than 2007 in the quarter
and for the year because of the unrealized and realized losses in marketable
securities and due to the goodwill impairment loss. Additionally, last year's
net income included gains on disposals of two long-term investments and a
future income tax recovery of $2.4 million which boosted the comparative year
end results. When excluding these items, net income would have been $4.6
million compared to $6.2 million in 2007, lower due to increased interest
costs.
Other comprehensive income ("OCI")
OCI consists of the net change in the fair value of the Company's cash
flow hedges and assets available-for-sale. Cash flow hedges include interest
rate swaps and an equity total return swap. The net change in the fair value
of the interest rate swaps recorded in OCI in the quarter was an after-tax
decrease of $3.6 million (2007 - $0.1 million) and an after-tax decrease of
$4.6 million for the year (2007 - increase of less than $0.1 million). The net
change in the fair value of the equity total return swap recorded in OCI was
an after-tax decrease of $0.1 million in the quarter (2007 - increase of $0.4
million) and an after-tax decrease of $0.3 million for the year (2007 -
increase of $0.3 million). The asset available-for-sale was the investment in
Halterm Income Fund Trust Units which was disposed of in January 2007. The
disposition resulted in an after-tax gain of $8.9 million which was
transferred from OCI to net income in the first quarter of 2007.
Financial Results by Segment
(thousands of dollars, except percentages)
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Three months ended Dec. 31 Year ended Dec. 31
2008 2007 Growth 2008 2007 Growth
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Revenue
Broadcasting $ 29,052 26,962 8% 102,210 95,392 7%
Corporate
and Other 910 774 18% 3,571 3,426 4%
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Consolidated
revenue 29,962 27,736 8% 105,781 98,818 7%
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Other income
(expense)
Corporate
and Other (6,750) 1,278 - (8,516) 155 -
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Consolidated
revenue and
other income
(expense) 23,212 29,014 (20%) 97,265 98,973 (2%)
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Operating
expenses
Broadcasting 19,999 17,855 12% 76,097 68,600 11%
Corporate
and Other 2,560 4,567 (44%) 10,856 12,759 (15%)
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Consolidated
operating
expenses 22,559 22,422 1% 86,953 81,359 7%
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EBITDA
Broadcasting 9,053 9,107 (1%) 26,113 26,792 (3%)
Corporate
and Other (8,400) (2,515) - (15,801) (9,178) -
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Consolidated
EBITDA $ 653 6,592 - 10,312 17,614 (41%)
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EBITDA Margins 2008 2007 Growth 2008 2007 Growth
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Broadcasting 31% 34% (3%) 25% 28% (3%)
Consolidated 3% 23% (20%) 11% 18% (7%)
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Broadcasting segment
Broadcasting revenue in the quarter of $29.1 million was $2.1 million or
8% better than last year while for the year broadcasting revenue of $102.2
million was $6.8 million or 7% ahead of last year. Organic (same-station)
operations accounted for 2% of the fourth quarter increase and 3% of the
year-over-year growth.
Incremental growth of 6% in the fourth quarter and 4% year-to-date was a
result of new revenue from the launch of new FM stations in Kentville and
Sydney, Nova Scotia, and in Fort McMurray, Alberta. The Company also benefited
from new revenue because of the July 2, 2008 purchase of the remaining 50%
interest in the CKUL-FM licence in Halifax, Nova Scotia.
For the quarter, broadcasting operating expenses were $20.0 million, up
$2.1 million or 12% over last year. For the year broadcasting operating
expenses of $76.1 million were $7.5 million or 11% higher than last year.
Incremental expenses from the new stations launched in 2008 caused an increase
in operating expenses over the same periods last year as well as higher
variable costs in line with higher revenue. The remaining increase in
operating expenses was a result of a $1.3 million increase in CRTC Part II
Licence fees of which $0.6 million related to fiscal 2007 and increased
expenditures in re-launching two stations in Calgary and Edmonton, Alberta.
Broadcasting EBITDA for the quarter was $9.1 million on par with the
prior period. For the year Broadcasting EBITDA of $26.1 million was down $0.7
million or 3% compared to last year. If the CRTC Part II fees and the amounts
related to re-launching the stations in Calgary and Edmonton, Alberta were
excluded, EBITDA in 2008 would have been $28.4 million which would have
represented a $1.6 million or 6% increase over 2007. The stations
contributing favourably to organic EBITDA growth were Ottawa, Ontario, 49%
better than last year, and the small market properties in Alberta with a 29%
increase over 2007.
Corporate and Other segment
This segment's revenue was $0.9 million in the quarter and $3.6 million
for the year, just ahead of last year's revenue, due to a slight increase in
hotel revenue.
Other income (expense) relates to investment income and consists of
realized and unrealized gains and losses related to the Company's investment
portfolio of marketable securities, interest, dividends and distributions from
investments. Stock prices in the general Canadian trading market experienced
overall significant declines during the third and fourth quarter. As a result,
other expense in the quarter was $8.0 million higher than the same period last
year and for the year the amount was also higher by $8.7 million.
This segment's operating expenses of $2.6 million in the quarter and $10.9
million for the year were lower than the same periods last year, mostly due to
reduced costs associated with executive compensation.
This segment's EBITDA was $5.9 million lower than the same period last
year and $6.6 million lower for the year because of the decline in the
valuation of marketable securities.
Liquidity and capital resources
Selected cash flow information - three months ended December 31, 2008
Cash from operating activities of $6.4 million were used to fund $3.3
million in dividend payments, $2.2 million in CCD payments, to purchase
property and equipment totalling $0.6 million and to repay $0.5 million in net
debt.
Selected cash flow information - year ended December 31, 2008
Cash flows from operating activities of $14.7 million along with long-term
debt borrowings of $12.8 million were used to finance a business acquisition
for $8.5 million, to purchase property and equipment totaling $5.6 million, to
pay $5.0 million of dividends and to make CCD payments aggregating $3.9
million. Included in other outflows were costs associated with the launch of
the new FM stations.
Expenditures in capital assets for the year were due to the recent new
station launches in Sydney and Kentville, Nova Scotia and Fort McMurray,
Alberta. Fourth quarter expenditures were also incurred related to the launch
of the repeater station in Pincher Creek, Alberta.
The Company expects its level of cash flow to be sufficient to fund
working capital, capital expenditures, and other cash requirements.
Credit facility and capital structure
The Company's syndicated credit facility has not changed since the
publication of the 2007 Annual Report. The $80.0 million revolving credit
facility is intended to be renewed prior to the maturity date in June 2010.
This type of credit facility provides flexibility because there are no
scheduled repayment terms. Covenants for the facility require that the Company
maintain certain financial ratios. The Company was in compliance with the
covenants throughout the quarter and at year end.
Outlook
The Company's operations continued to post positive results in the fourth
quarter of 2008. Early indications in 2009 show the Company continuing with
positive revenue growth in the first quarter of 2009. The Company's stations
are geographically dispersed which mitigates the economic impact of any one
particular market and the radio business itself has been resilient in past
economic slowdowns. Our local focus has been a cornerstone to our success in
the past, and we feel that this local presence and connection with the
community will serve us well during these uncertain times.
During 2008, the global economy and stock markets suffered significant
declines. The Company, like many other organizations, has felt the effects of
the current economic downturn and as a result has realigned its short term
focus to maximizing organic growth and reducing the debt levels of the
Company.
Non-GAAP Measure
(1) EBITDA is defined as net income (loss) excluding depreciation and
amortization expense, interest expense, accretion of other
liabilities, goodwill impairment loss, gain on disposal of equity
accounted investment, gain on disposal of long-term investment,
provision for income taxes (recovery) and non-controlling interest in
subsidiaries' earnings. A calculation of this measure is as follows:
Three months ended Year ended
December 31 December 31
(thousands of dollars) 2008 2007 2008 2007
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Net income (loss) $ (3,896) 5,766 (4,369) 20,313
Non-controlling interest in
subsidiaries' earnings - - - 417
Provision for income taxes
(recovery) 1,931 (1,535) 4,078 3,089
Gain on disposal of long-term
investment - - - (10,843)
Gain on disposal of equity
accounted investment - - - (3,826)
Goodwill impairment loss - - 1,334 -
Accretion of other liabilities 274 182 1,022 1,187
Interest expense 1,098 1,013 4,019 3,203
Depreciation and amortization
expense 1,246 1,166 4,228 4,074
-----------------------------------------
EBITDA $ 653 6,592 10,312 17,614
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This measure is not defined by Generally Accepted Accounting Principles
and is not standardized for public issuers. This measure may not be comparable
to similar measures presented by other public enterprises. The Company has
included this measure because the Company's key decision makers believe
certain investors use it as a measure of the Company's financial performance
and for valuation purposes. The Company also uses this measure internally to
evaluate the performance of management.
Consolidated Balance Sheets
(unaudited)
(thousands of dollars) 2008 2007
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ASSETS
Current assets
Marketable securities $ 4,196 16,167
Receivables 24,054 21,351
Prepaid expenses 974 966
Other assets - 614
Future income tax assets 4,156 2,703
--------------------------
Total current assets 33,380 41,801
Property and equipment 37,342 35,234
Other assets 7,025 4,642
Broadcast licences 151,773 143,245
Goodwill 7,045 4,859
Future income tax assets 2,069 1,515
--------------------------
$ 238,634 231,296
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank indebtedness $ 2,003 1,117
Accounts payable and accrued liabilities 17,446 18,053
Dividends payable - 1,664
Income taxes payable 8,719 7,313
Current portion of long-term debt 5 23
--------------------------
Total current liabilities 28,173 28,170
Long-term debt 73,840 61,005
Other liabilities 23,953 19,665
Future income tax liabilities 21,991 17,504
Shareholders' equity 90,677 104,952
--------------------------
$ 238,634 231,296
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Consolidated Statements of Income (Loss)
(unaudited)
Three months ended Year ended
(thousands of dollars December 31 December 31
except per share data) 2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Revenue $ 29,962 27,736 105,781 98,818
Other income (expense) (6,750) 1,278 (8,516) 155
-----------------------------------------
23,212 29,014 97,265 98,973
Operating expenses 22,559 22,422 86,953 81,359
Depreciation 1,082 1,010 3,591 3,463
Amortization of deferred
charges 164 156 637 611
-----------------------------------------
Operating income (loss) (593) 5,426 6,084 13,540
Interest expense 1,098 1,013 4,019 3,203
Accretion of other liabilities 274 182 1,022 1,187
Goodwill impairment loss - - 1,334 -
Gain on disposal of equity
accounted investment - - - (3,826)
Gain on disposal of long-term
investment - - - (10,843)
-----------------------------------------
(1,965) 4,231 (291) 23,819
Provision for income taxes
(recovery) 1,931 (1,535) 4,078 3,089
-----------------------------------------
(3,896) 5,766 (4,369) 20,730
Non-controlling interest in
subsidiaries' earnings - - - 417
-----------------------------------------
Net income (loss) $ (3,896) 5,766 (4,369) 20,313
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Earnings per share
- basic $ (0.35) 0.52 (0.40) 1.83
- diluted (0.34) 0.50 (0.39) 1.77
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Consolidated Statements of Shareholders' Equity
(unaudited)
Year ended
December 31
(thousands of dollars) 2008 2007
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Retained earnings, beginning of year $ 59,621 45,525
Net income (loss) (4,369) 20,313
Dividends declared (3,298) (3,327)
Repurchase of capital stock (1,373) (2,890)
--------------------------
Retained earnings, end of year 50,581 59,621
Capital stock 42,913 43,345
Contributed surplus 1,945 1,778
Accumulated other comprehensive income (4,762) 208
--------------------------
Total shareholders' equity $ 90,677 104,952
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Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three months ended Year ended
December 31 December 31
(thousands of dollars) 2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net income (loss) $ (3,896) 5,766 (4,369) 20,313
-----------------------------------------
Other comprehensive income
(loss):
Change in fair values of
cash flow hedges
Interest rate swaps:
Increase (decrease) in
fair value (5,158) (129) (6,715) 72
Reclassification to net
income of realized
interest expense
(income) 156 2 253 (8)
Related income tax
recovery (expense) 1,414 28 1,815 (37)
-----------------------------------------
(3,588) (99) (4,647) 27
-----------------------------------------
Total equity return swap:
Increase (decrease) in
fair value (829) 1,230 (1,275) 1,081
Reclassification to net
income of realized
losses (gains) 740 (582) 817 (614)
Related income tax
recovery (expense) 9 (255) 135 (163)
-----------------------------------------
(80) 393 (323) 304
-----------------------------------------
Change in fair value of asset
available-for-sale
Realized gain on disposal
of Halterm Income Fund
Trust Units transferred
to net income, net of
income taxes of $1,952 - - - (8,891)
-----------------------------------------
Other comprehensive income
(loss) (3,668) 294 (4,970) (8,560)
-----------------------------------------
Comprehensive income (loss) $ (7,564) 6,060 (9,339) 11,753
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Consolidated Statements of Accumulated Other Comprehensive Income (Loss)
(unaudited)
Year ended
December 31
(thousands of dollars) 2008 2007
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-------------------------------------------------------------------------
Accumulated other comprehensive income,
beginning of year $ 208 -
Transition adjustment for cash flow hedges,
net of income tax recovery of $77 - (123)
Transition adjustment for unrealized gains
associated with available-for-sale
investment, net of income taxes of $1,952 - 8,891
--------------------------
Accumulated other comprehensive income,
beginning of year 208 8,768
Other comprehensive income (loss) for the
year (4,970) (8,560)
--------------------------
Accumulated other comprehensive income,
end of year $ (4,762) 208
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Consolidated Statements of Cash Flows
(unaudited)
Three months ended Year ended
December 31 December 31
(thousands of dollars) 2008 2007 2008 2007
-------------------------------------------------------------------------
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Operating Activities
Net income (loss) $ (3,896) 5,766 (4,369) 20,313
Items not involving cash
Depreciation and
amortization 1,246 1,166 4,228 4,074
Future income taxes
(recovery) (30) (2,294) 2,597 (800)
Gain on disposal of
long-term investment - - - (10,843)
Gain on disposal of equity
accounted investment - - - (3,826)
Executive stock-based
compensation plans (613) 763 (523) 1,042
Accretion of other
liabilities 274 182 1,022 1,187
Non-controlling interest in
subsidiaries' earnings - - - 417
Unrealized losses (gains) on
marketable securities 4,649 (1,150) 7,906 (400)
Goodwill impairment loss - - 1,334 -
Other 817 (683) 676 (921)
-----------------------------------------
2,447 3,750 12,871 10,243
Change in non-cash working
capital relating to operating
activities 3,971 (716) 1,878 (6,089)
-----------------------------------------
6,418 3,034 14,749 4,154
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Financing Activities
Change in bank indebtedness (2,039) (939) 886 315
Long-term debt borrowings 1,500 7,300 12,840 21,000
Long-term debt repayments (6) (3) (23) (13,766)
Issuance of capital stock - - - 185
Repurchase of capital stock - - (1,805) (3,737)
Dividends paid (3,298) - (4,962) (3,343)
Other - - - (605)
-----------------------------------------
(3,843) 6,358 6,936 49
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Investing Activities
Note receivable - - - 1,000
Property and equipment
additions (620) (2,171) (5,591) (5,981)
Acquisition of businesses,
licences and non-controlling
interests - (6,900) (8,500) (17,645)
Canadian Content Development
commitment payments (2,158) (202) (3,944) (3,491)
Proceeds from disposal of
Halterm Income Fund Trust
Units and equity accounted
investment - - - 18,547
Deferred charges (80) (748) (1,896) (1,330)
Employee share purchase loan
repayment - - - 2,826
Other 283 629 (1,754) 1,871
-----------------------------------------
(2,575) (9,392) (21,685) (4,203)
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Cash, beginning and end of
period $ - - - -
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The Company's Annual Report, which includes the annual audited
consolidated financial statements along with related notes and the annual
Management's Discussion and Analysis, will be available on www.sedar.com and
the Company's website by March 31, 2009.
About Newfoundland Capital Corporation Limited
Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 81 licences across Canada. The
Company reaches millions of listeners each week through a variety of formats
and is a recognized industry leader in radio programming, sales and
networking.
This press release contains forward-looking statements. By their very
nature, these statements involve inherent risks and uncertainties, many of
which are beyond the Company's control, which could cause actual results to
differ materially from those expressed in such forward-looking statements.
Readers are cautioned not to place undue reliance on these statements. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
%SEDAR: 00002995E